IPO: Prudential is considering selling its business assets in the UK and United States to raise over HK$118.6 billion to meet the giant capital demand of the AIA acquisition deal, The Times reported. The UK business and the US business for sale are worth around £ 4.5 billion and £ 6.5 billion respectively. The group needs up to $35.5 billion to take control of AIA. (Sing Tao Daily B13)
IPO: Russian metals producer SMR Group is said to have gained preliminary approval to go public, which allows retail investors to involve in. The company’s initial plan is to raise up to $200 million via listing. It plans to hold listing recommendation today and road show next week. (Hong Kong Economic Times A3)
Burwill Holdings (24 HK) announced its plan to delist from Singapore Exchange Securities Trading Limited. The company said the listing was not cost-effective as the trading volume of its shares on the SGX-ST had been comparably low in the past two years. (Hong Kong Economic Journal P.8)
China Public Procurement (1094 HK) recorded loss attributable to shareholders of HK$818 million for the year 2009, representing a loss of 27.95 HK cents per share. No final dividend was declared. The company lost HK$507 million in 2008. (Hong Kong Economic Journal P.8)
China Pacific Insurance (2601 HK) posted net profit of 2.813 billion yuan in the first quarter, up 1.92 times year-on-year, lifted by increased premium and investment income. Income from insurance business jumped 58.2 per cent to 42.357 billion yuan and investment income jumped 64.5 per cent to 5.322 billion yuan. (Hong Kong Economic Times A10)
Dongfeng Motor (489 HK) posted unaudited net profit of 2.85 billion yuan in the first quarter, up around 2.35 times year-on-year, helped by a year-on-year rise in motor sales of 78.2 per cent. Sales target for 2010 is 1.7 million units. (Hong Kong Economic Times A8)
Mei Ah Entertainment (391 HK) is to place up to 962 million shares for approximately HK$190 million via China Merchants Securities at a price of HK$0.208 per placing share, a discount of 12.61 per cent to the closing price before suspension of trading. The net proceeds will be used to finance future business development and general working capital. (Sing Tao Daily B16)
Shanghai Electric (2727 HK) announced yesterday it decided not to distribute the proposed final dividends of 0.0588 yuan per share for 2009 as set out in the 2009 results announcement in order to expedite its private offering plan and cater for the financial needs to further develop its core businesses. The company said it might distribute interim dividend this year of 0.0588 yuan per share or above. (Hong Kong Economic Times A10)
Wynn Macau’s (1128 HK) controlling shareholder Wynn Resorts announced net income of US$989 million in the first quarter, up 23 per cent year-on-year. Wynn Macau posted net income of US$590.6 million in the first quarter, up 32 per cent. Capital expenditure was US$90 million. (Sing Tao Daily B16)
Hengdeli Holdings Limited (3389 HK), a world-class luxurious watch retailer, said it has signed an strategic cooperation agreement with China Construction Bank Shenzhen Branch for a loan of up to 2 billion yuan in the future three years. CEO said the raised fund would be used to open more new shops in middle and small cities on mainland. He expected sales to grow more than 30 per cent this year. (Sing Tao Daily B13)
Macau Investment Holdings (2362 HK) lost HK$9.8 million last year, down significantly compared with the HK$267 million loss in 2008. Loss per share was HK$0.21. No final dividend was declared. (Sing Tao Daily B13)
Peak Sport (1968 HK), a Chinese sportswear retailer, said same-store sales in the first quarter this year grows 15.3 per cent compared with the same period last year, while the retail outlets increased to 6456, up 250 than that in the end of last year. (Sing Tao Daily B13)
Skyfame Realty (59 HK) said full-year loss in 2009 increased dramatically compared with its interim loss last year. The company lost as much as HK$1.537 billion last year or 104.55 HK cents per share. The company has announced to wind up last November. (Sing Tao Daily B13)
Shimao Property (813 HK) said contract sales in April is 2.5 billion yuan, leading the accumulated sales for the first four months this year to amount to 8 billion yuan, up 13 per cent than that of the same period in 2009. (Sing Tao Daily B13)
Varitronix International (710 HK), a local LCD producer, said it will focus on developing LCD for cars in the future, according its CEO. He expected sales to record over 10 per cent growth this year and margin as well as final dividend ratio to rebound. In addition, the group is developing 3D glasses with a mainland company, which will be presented in the middle of this year. The revenue will account for over 10 per cent of its income. (Hong Kong Economic Journal P8)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
